US grains and soybeans fell in overnight trade as investors took positions ahead of today’s government reports, reports Agriculture.com. The US Department of Agriculture is scheduled to release its monthly Estimates of World Agricultural Supply and Demand, or WASDE, and Agricultural Production reports at noon in Washington.
The agency had forecast 13.885 billion bushels of corn production with a yield of 171.8 bushels per acre, according to analysts polled by Reuters. That would be lower than the USDA’s September forecast for production of 13.944 billion bushels at a yield of 172.5 bushels per acre. Corn stocks at the end of the 2022-2023 marketing year will be 1.124 billion bushels, analysts said. The USDA forecast inventories last month at 1.219 billion bushels.
Soybean production, meanwhile, could be seen at 4.381 billion bushels with a yield of 50.5 bushels per acre, according to a Reuters poll. In September, the company projected a yield of 50.5 bushels per acre to produce 4.378 billion bushels. Analysts said government soybean inventories would rise to 248 million bushels from last month’s expected 200 million bushels.
Analysts forecast wheat inventories at 554 million bushels, down from 610 million bushels earlier. Prices are also under pressure as corn and soybean harvests progress and winter wheat planting continues. Thirty-one percent of the corn crop was harvested Sunday, up from 20% the previous week and an increase from the previous five-year average of 30%, the USDA said. About 44% of soybeans were in the box at the start of the week, double the previous week and above the year-to-date average of 38%.
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